April represents the first time we can look at the impact of COVID-19 on a full month of real estate activity.
To no one’s surprise, activity in April in terms of closings and new contracts did slow significantly.
Much of this slowing was caused by in person showings not being allowed for most of the month. (showings are now allowed again by following Safe Showings protocols)
Here’s what the numbers say…
Closed transactions were down compared to April 2019
• 26% in Northern Colorado (Larimer & Weld)
• 27% in Metro Denver
New written purchase agreements were down compared to April 2020
• 48% in Northern Colorado
• 44% in Metro Denver
So, while activity did slow, there was nothing resembling a “screeching halt” that took place.
While the way property is shown has certainly changed, the market is still very active and we expect activity to increase even more with showings now being allowed again.
Check out our latest quarterly market report, The Scoop! by clicking below. If you have any questions about the data please shoot me an email or give me a call!
I am very lucky to have been voted as the Northeast District Chairman for the Colorado Association of REALTORS a year ago, and I was able to fulfill my first duties of that position last week in Vail. We spent 3 days in the beautiful town of Vail, discussing the issues that are affecting our clients throughout the Northeast District (Logan County, Fort Collins, Boulder, Longmont, Greeley, Estes Park, Loveland/Berthoud, and Northern Colorado Commercial).
There were some interesting take aways, one of which is that in the Denver area, 68% of all housing on the market is above $400,000. Also, they are going to make the criteria for being a managing broker of an office (my position here at Windermere Fort Collins) more stringent. Which I think is a GREAT idea for brokers and you all as clients.
The biggest win that we had so far this year is in regards to construction defects, Colorado House Bill 1279 has passed a preliminary vote which is great news for people who are looking to purchase in the lower end of the market (condos and townhomes). Builders may finally have the ability to build these types of properties which are SO NEEDED with prices increasing so significantly in the last couple of years. So that was great news.
It is a pleasure to serve our State Association, and hopefully this brings back some value to my clients here in Northern Colorado. Have a great week and if you need anything please feel free to give me a call or shoot me an email!
Good morning everyone! The last couple of weeks we have talked about why it continues to be a Sellers market in Northern Colorado (see info below). If you are a Buyer though, remember there ARE opportunities out there!
But the question remains, “I’ve heard how great the market is, but how much money do I REALLY have in my home?” You’re in luck! I would love to show you exactly how much equity you have in your home with a complimentary real estate review. We will talk about the comparable sales in your neighborhood, why and how they affect your value, and how the market changes in general affect your specific home.
Call me, email me, or text me so we can setup a time to review the value of your home. You’ve got nothing to lose but potentially MANY THOUSANDS to gain!
I think by this point if you have been reading my blog, you are pretty well aware that we currently have a very fast moving and healthy real estate market here in Northern Colorado. While it’s all good and well to know this in your gut, let’s take a look at some stats that really prove that point.
If you look back over the last 30 years, the Fort Collins/Loveland appreciation levels have been negative only 6 of those years, 3 of which were during the worst recession of our lifetimes (unless you lived through the Great Depression!). Here are some other interesting statistics that show the health of our market:
- Fort Collins/Loveland area is # 11 on the top 259 markets for home price appreciation in the country
- Greeley is #12, Denver is #14, and Boulder is #15 of the top 259 markets
- Colorado is # 2 (only behind Oregon) for 1 year home price appreciation IN THE COUNTRY! Florida, Washington, and Nevada round out that top 5 list
If you would like to know how all of this good news affects your home’s value or your ability to buy a new home, I would love to talk to you, so give me a call or shoot me an email!
Have you asked yourself this question, or has someone you know asked this question? Then let us answer! Check out the video below that outlines our 2017 Windermere Real Estate Market Forecast!